SapuraKencana signs Malaysia's largest Islamic loan worth US$2.3b
[KUALA LUMPUR] SapuraKencana Petroleum Bhd, a Malaysian oil and gas services firm, said on Thursday it has signed a US$2.3 billion Islamic loan with 11 lenders.
The transaction, which will convert part of the company's conventional borrowing into a syariah-based facility, is Malaysia's largest ever.
"With the completion of this transaction, SapuraKencana is now on track to return to the Securities Commission's list of syariah compliant securities by meeting the debt over total assets financial ratio benchmark," it said in a press statement.
SapuraKencana was omitted from the latest list of Malaysian syariah-compliant stocks as its conventional debt amounted to more than two-thirds of a its total assets.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Orsted says Taiwan wind project to power TSMC on track for 2025 finish
Gold edges down as Middle East worries ebb
Oil rises as dollar slips, focus shifts to economic data
California to wrap up ExxonMobil plastics probe ‘in weeks’, AG says
Gold edges higher; hovers near one-week low on tempered Middle East fears
Why has gold’s inverse relationship with the US dollar reversed?